COP24 Katowice

Vice-Minister Kurtyka at a meeting of the International Monetary Fund and the World Bank

The Secretary of State at the Ministry of Environment Michał Kurtyka participated in a panel discussion on the role of governments in financing climate action. The discussion was held as part of the annual meeting of governors of the International Monetary Fund and the World Bank, which took place on the 13th of October 2018 in Indonesia.

The meeting was also attended by the UN Secretary-General Antonio Gutierres, World Bank President Jim Yong Kim and Managing Director of the International Monetary Fund Christine Lagarde.

As Vice-Minister Kurtyka stressed in his speech, only a few days ago the Nobel Prize in Economics was awarded to Prof. William Nordhaus for his work on economic modelling and climate change.

It is becoming increasingly clear that the environmental and climate problems arising these days have a significant impact on global economies.

Throughout his career, Professor Nordhaus observed the economic losses caused by climate change. He examined what framework should be imposed on the global financial system in order for our civilisation to be able to develop in a sustainable way, he stressed.

By awarding the Nobel Prize to Professor Nordhaus, the Committee sends a strong message to the world that, despite all the obstacles, we must take effective action in this area, he explained.

Financial issues are crucial for the success of the negotiations taking place within as part of the upcoming COP24 Climate Summit in Katowice. Analyses show that global infrastructure resources will double over the next 15 years and the global economy will double in 20 years. This is an insurmountable challenge in terms of mobilising resources, but at the same time it is also an opportunity to invest them in a way that will bring benefits to the world in terms of protecting the planet.

In this context, the President of COP24 recalled that developed countries have committed to develop a plan to raise $100 billion a year to support the reduction of greenhouse gas emissions and adaptation to climate change in developing countries by 2020. The Green Climate Fund (GCF) is a crucial element of the structure of global climate financing.

The 21st meeting of the GCF Board, which is slated for the end of October, will be crucial in this regard, as the participants will make important decisions concerning financing of specific projects, launching the procedure of injecting funds into the Green Climate Fund and managing the Fund, added Vice-Minister Kurtyka.

Vice-Minister of Environment Michał Kurtyka held a number of bilateral meetings regarding challenges connected with financing investments concerning environmental protection and combating climate change in developing countries. He spoke with representatives of the World Bank, as well as representatives of the governments of Sweden, France and Egypt.

The discussion concerning the financing of environmental protection measures is taking place in parallel with work on the implementation of the principles and rules that will be binding all the countries in the world, aimed at combating climate change. The negotiations will conclude during COP24 Climate Summit held in Poland in December.

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